Advance tax / interest calculation u/s 234a / sec 234b / sec

advance tax calculator / interest u/s 234a , sec 234b , sec 234c calculator will be available for download soon.

A/Y 2013-2014 Advance tax calculator / interest u/s 234a , sec 234b , sec 234c calculator

https://chdcaprofessionalss.blogspot.in/p/tax-calculator.html

ONLINE TDS CALCULATOR ON SALARY A/Y 2014-15

https://www.chdcaprofessionals.com/p/tds-calculator.html

 ADVANCE TAX CALCULATOR A/Y 2013-14 (EXTENDED DUE DATE FOR UTTRAKHAND ASSESSEE NOW 31ST OCTOBER EARLIER 31 JULY NON TAX AUDIT )

https://www.chdcaprofessionals.com/p/blog-page.html

DUE DATE EXTENDED UP TO 5TH AUGUST 2013

https://chdcaprofessionalss.blogspot.in/p/tax-calculator.html

Booklet/Video on 150 years of Income tax in India

https://chdca-professionals.2327533.n4.nabble.com/Booklet-on-150-years-of-Income-tax-in-India-tp138.html

CA-CS-ICWA-TAX PROFESSIONALS-PORTAL- CIRCULAR NO. 8 / 2013 - INCOME TAX - DEDUCTION FROM SALARIES DURING FINANCIAL YEAR 2013-14 - UNDER SECTION 192 OF THE INCOME-TAX ACT , 1961

https://www.chdcaprofessionals.com/2013/10/circularno8.2013incometaxdeductionfromsalaries201314.html

Greeting to all

This might be a challenging question for some. Are you ready to take up the challenge??

My query is that suppose a tax payer (Non corporate) had to pay for eg. Rs.  1,00,000 (inclusive of edu. cess) as tax (consider that no advance tax was paid on any of the due dates). Assessee files his return in the month of july11 (considering he not liable to audit) he would be obliviously be liable for interest under 234b & 234c in this case. This shall add upto as under

234 B

100000 * 4% =4000

234 C

30% of 100000 = 30000 * 3% = 900

60% of 100000 = 60000 * 3% = 1800

100% of 100000 = 100000 * 1% = 1000

Total = 3700

So total liability of the assessee in the month of july 11 is 1,00,000+4000+3700=1,07,700

But the assessee paid only Rs. 1,05,000 in month of july 11

Now a demand notice arrives some time in month of dec 11. Will interest component of 234B change in this case?? In simple language will assesssee have to pay more than Rs.2700 (107700-105000) ??

if yes, then why does government say that the interest under section is 234 is charged at simple interest as in this case assessee has clearly paid his tax component plus some of the interest part.

Plz ans with a link or attachment that would support your ans.

Thanks for your valuable time.

Regards

Nisarg

It is that time of the year when we are talking about our New Years Resolutions and Tax Planning for this financial year that ends in just a few weeks. Companies have set out "End Dates" by which time you should submit all your Investment Proof's and documentation for Tax Benefits. Here Is A Nice App Which Makes Things Easy To Calculate Tax For You To Submit Documentation For Tax Benefits.

Thank You

 https://play.google.com/store/apps/details?id=AppsLabz.IndianTax